[Oman-L] Oman posts 8.3 per cent rise in GDP

[Joachim Duester]

Oman posts 8.3pc rise in GDP  
From: Oman Daily Observer, 3 November 2007

The Gross Domestic Product (GDP) of oil and non-oil
sectors in the Sultanate reached — in current prices —
about RO 7,266.4 million during the first six months
of this year, against RO 6,708.1 million during the
same period in 2006, constituting an 8.3 per cent
rise.

Initial statistics issued by the Ministry of National
Economy attributed this to a rise in the oil
activities gross product that includes crude pumping
and its related subsidiary services and the extraction
of natural gas which stood at RO 3,407.7 million at
the end of June 2007, showing an increase of 0.2 per
cent against RO 3,401.4 million during the same period
in 2006.

Domestic product of oil pumping and subsidiary
services related to oil pumping and gas extraction
fell by 1.1 per cent to reach RO 3,145.4 million by
June end 2007, against RO 3,181 million during the
same period in 2006.

Domestic product of extracted national gas rose by 19
per cent to reach RO 262.3 million during first six
months of the year 2007, against RO 200.4 million
during the same period in 2006.

The increase of the GDP was also attributed to the
increase in the domestic product of non-oil activities
by 16.9 per cent to reach RO 3,983.5 million, against
RO 3,408.2 million by June end 2006. The increase was
attributed to 17.9 per cent in industrial activities
to reach RO 971.3 million against RO 823.8 million .

The GDP rise was attributed to a 5.7 per cent increase
in the domestic product of agriculture and fisheries
sector during the first six months of this year to
reach RO 89.2 million against RO 84.4 million during
the same period in 2006. The increase in GDP was due
to a 16.9 per cent rise in service sectors, domestic
product reached RO 2,923 million, against RO 2,500
million during the first half of 2006.

Money supply rises: Money supply in the Sultanate rose
by 32.97 per cent during the first nine months of this
year to reach RO 627.9 million, against RO 472.2
million during the same period in 2006, according to
the statistics issued by the Central Bank of Oman
(CBO). It is worth noting that money supply in the
Sultanate by the end of December 2006 reached RO 560.6
million.